(MENAFN- AFP) The US economy slowed sharply in the fourth quarter of last year to a 0.7 percent annual rate, down from 2.0 percent in the third quarter, the Commerce Department reported Friday.
The slowdown came on the back of a fall in exports -- linked to the strong dollar -- and slumping business investment, related in part to the deep contraction in the oil sector.
Supporting growth was consumer spending which slowed slightly, and home buying, which also continued to grow at a strong pace.
Analysts had expected the slowdown, but had penciled in a slightly higher figure of 0.9 percent.
For the full year the economy still mustered a 2.4 percent expansion, the same as in 2014.
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